What is podcasting and how can you monetise it?

Making money has never been easier than it is today. The quantity and power of money may not be the same as the way it used to be but methods to earn have only gone and quadrupled or even more. 

Today you just have an internet connection and a phone and that opens the door to more than 100 jobs in itself. Knowing to click a photo/video or playing a game on a console are considered a serious skill and can help a person run their family if turned into a profession. 

If that wasn't it then head to youtube and you can be a reviewer or make a show of your own from your home and upload it on the internet and get yourself some serious money. It's the age of skill and talent, and if you have it then you can surely find a way to bring money from it. 

One such task that has been gaining prominence with each passing year is Podcasting. It has been around for quite a while now but people still don't understand it fully and so here we explain to the readers as to what exactly is meant by podcasting and how it can be monetized. 

What is Podcasting? 

We all know what broadcasting is right? Sharing of video content via digital platforms so that people can stream or download it. Similarly, Podcasting is the brother of another mother to Broadcasting. Here, instead of visual content, the audio content is made available via digital channels for downloading and online consumption purposes of the audience. 

You can think of it as a radio talk show but it is usually pre-recorded and is concerned with sharing stories, taking on interesting subjects or sharing the news. Podcasts have more than a niche audience demand for themselves and it has become a hotshot concept big time. Thus, we now look at how people can make monetary gains from Podcasting. 

Fact check: Only 12% of Indians have so far been exposed to or have rather heard podcasts.

How to monetize Podcasts?

• Sponsors

No piece of content today comes without sponsors and that shows you just how important having a sponsor has become. If your podcast channel has a given number of followers or streamers that you feel can help attract a local brand then go ahead and get yourself a sponsor that finds its target audience following your podcast. If they benefit from your content then they will not hesitate to spend money on you. 

• Partnering Up

Team up with an organisation or a brand that you are connected to and become an indirect promoter of theirs. Without your show streaming details or link, tag a link of your partner organisations where the people can go and check their products and catalogues and make purchases. For each sale made by logging in from your podcast page, you can stand a chance to earn a commission and this way you will find yourself making money in no time. 

• Special Segments

Level up your audience to move to the next step. You may offer podcasts for free but as you start gaining followers, consider coming up with paid content and membership schemes to promote your longtime followers. Offer exclusive content to those who are willing to pay extra bucks for it and this way you can make money for yourself. 

• Audiences Chipping in

Never hesitate to ask your staunch followers for some donations. Be honest with them and let them know why you need money and how much you are looking to make. Give them a reason or add value to their donation by offering them etching in return for their money and in no time you will have cash flowing in. 

Example - If you need all your followers to donate 100 rupees then make sure to give them an exclusive podcast episode for free or for discounted price promise them merchandise or something of sorts as a return gift. 

• Personalised Goodies

A lot of YouTubers, Movie teams and web series productions come up with their content's merchandise. Similarly, you too can get your podcast fans to buy your personalised merchandise as a way to make some money. Make sure you have a hardcore following, if you gained some loyal and serious fans then you can surely sell a decent amount of goodies and make some good money.  

Fact check: KPMG has noted India as the third-highest podcast listeners, the market value of the industry is estimated to be 17.62 crores by 2023.

Conclusion

So that is all about podcasts and how people can monetize them. With only 12 percent of people having a podcast in India, the scope for growth of the industry is huge and this may be the right time to jump in the hype train. As they say better late than never, with podcast listeners increasing yearly this might be the opportunity that you have been looking for.